Colorado Springs Landlord Insurance – Affordable Rental Coverage

The secret of Colorado Springs, CO, is out. This slightly southcentral city within The Centennial State was once a place driven by its economy, but now, more and more people are moving simply for its charm. As a result, Little London is becoming a renting hotspot making Colorado Springs landlord insurance an increasingly important coverage.

More people moving into an area generally brings a variety of positive trends for landlords. Not everyone is in a position to purchase their own home and moving to a new area means that demand is only likely to increase. But it also means overcoming the challenges that are involved with being a landlord in a new way.

There are more perils you’ll face, larger potential losses, and important considerations for anyone renting a home. Freedom Insurance Group is proud to be a resource for landlords and offers quality landlord insurance in Colorado Springs. Contact us for a quote and learn more below about your coverage options, how to protect your finances, and how we help property owners save.

 

Why Landlords in Colorado Springs Need Coverage

Colorado Springs landlord insurance means protection. This is a multi-faced approach as there is a lot to protect against, including your finances, your rental property, rental income, and even personal property in some cases.

Without the right coverage in place, you can be on the hook for a wide variety of losses. Everything from restoring physical damage to your home to the loss of income from tenants to protecting against a major financial loss due to lawsuits is all protected against with the right policy.

This can not only become detrimental to your investment but also affect your personal finances as a result. But even though such protection is important for any landlord, for those in Colorado Springs, CO, the benefits are even more imperative as the city continues to experience growth in its population.

 

Growth in Colorado Springs, CO Presents Opportunities and Challenges for Landlords

El Paso County is growing and with it are the opportunities for landlords. Specifically, Colorado Springs, CO, continues to be a draw across a variety of industries including aerospace, defense, IT, tourism, and more.

The military still plays an influential role in the local economy, but as the city evolves, more and more people are moving to the area for more rounded reasons. Through this moving trend, new residents are also within a younger demographic and are more likely to rent rather than buy a home.

But as cities grow and present more opportunities, there are also new challenges that landlords need to be aware of. For example:

• An increase in population can unfortunately often mean higher crime rates.
• There are also additional increased chances for other perils such as injury occurring on your property, house fires, and more.
• As construction persists to create new shops, infrastructure, and social hubs, the risk for potential floods can also increase due to the increase in concrete and decrease of vegetation for natural rainwater runoff.

Such challenges not only make it even more necessary to have a landlord policy but to ensure that the coverage you enroll in is adequate for the task at hand. The last thing any landlord wants to have to happen is suffering a major loss yet not having enough coverage to recover from it.

Your rental home is an investment, revenue center, and ultimately, the home of your tenants. Be sure to assess the pertinent risks facing your property, protect against them with an appropriate level of coverage, and do so with a policy that is reliable, but won’t break the bank.

 

The Cost of Colorado Springs Landlord Insurance

Protecting your investment and finances is important for any landlord but if you’re paying too much for coverage, it can defeat the purpose. This is why the team at Freedom Insurance Group prides itself on helping you enroll in coverage that makes sense for your rental endeavors.

On average, Colorado Springs landlord insurance policies will cost a bit more than a homeowners insurance policy in Little London. This is for many reasons but ultimately comes down to risk. The more risk a property has, the higher the premiums are and rental properties are viewed as higher risk.

There are a number of reasons for this including similar risk factors for the home you reside in, such as the age of your home, its location, the condition of the property, the amount of coverage you need, and more.

But there are increased negative factors when you’re renting a home, as evidenced by an unfortunate insurance trend. Tenant-occupied housing is far more likely to submit a claim due to a loss when compared to owner-occupied homes.

Insurance carriers know this and will factor it into your premium. Overall, the majority of insurance carriers offering home or landlord coverage will view the same risks as mentioned above. However, each brand looks at them in its own unique way.

This is why two different insurance carriers will provide the same protection but charge different rates. It’s also why it’s important for landlords to shop around and compare their coverage options among different carriers. This ensures you receive the right coverage at the lowest price possible.

 

How To Save on Colorado Springs Landlord Insurance

The increase in population and risk of various factors means that landlords can expect higher rates for their coverage. Furthermore, because every brand is going to look at these risk factors in its own way, the prices for your coverage will vary.

Here at Freedom Insurance Group, we compare the rates of our client’s coverage to help landlords not only find the coverage they deserve but identify the lowest possible rate for it. Not only do our clients save, but they are also backed by carriers they can trust.

All of our partnerships involve top-rated insurance carriers. This means you can enjoy peace of mind knowing that your policy isn’t just affordable, but reliable and there when you need it the most.

Contact us to compare coverage rates and find the right level of protection for your rental property, or fill out an online form for an accurate quote to understand the cost of Colorado Springs landlord insurance today.